KHC - 6 months HEAD & SHOULDERS BOTTOM
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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
This is an unbalanced Head & Shoulders. The two shoulders are completely different in height and width but we can still say it exists.
While a poor formed right shoulder in a Head & Shoulders Top is usually a sign of weakness, a sharp advancement like this is usually more a problem than a good news. This is much more true if the it is probably due to the just happened earnings release.
Basically, the issues are about the difficulty in finding a good stop loss level and that we don't know if, after this strong move up, prices still have the strength to at least remain and pause above the neckline.
If prices go towards the target, keep in mind that we will have to deal with the 39.80 previous level.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
This is an unbalanced Head & Shoulders. The two shoulders are completely different in height and width but we can still say it exists.
While a poor formed right shoulder in a Head & Shoulders Top is usually a sign of weakness, a sharp advancement like this is usually more a problem than a good news. This is much more true if the it is probably due to the just happened earnings release.
Basically, the issues are about the difficulty in finding a good stop loss level and that we don't know if, after this strong move up, prices still have the strength to at least remain and pause above the neckline.
If prices go towards the target, keep in mind that we will have to deal with the 39.80 previous level.
- Pattern Class: 🌕🌕🌕🌑🌑
- Target area: 44.00
- Breakout area above: 39.30
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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